CAJ | 학술논문

文章利用世界银行对我国企业投资环境的调查数据，使用结构方程检验政府管制、法律保护和融资约束三者对企业成长速度的影响路径和作用力度。结果表明，影响企业成长速度的主要因素是法律保护和融资约束，良好的法律保护促进了企业成长，较高的融资约束抑制了企业成长，虽然政府管制会通过融资约束对企业成长速度间接产生作用，但没有发现政府管制对企业成长速度存在显著的直接影响。因此，要促进我国企业又快又好地发展，最重要也是最需要解决的是：（1）加强法制环境建设，为企业发展打造良好的法律平台；（2）完善金融环境，为企业发展打造宽松的融资平台。
문장이용세계은행대아국기업투자배경적조사수거，사용결구방정검험정부관제、법률보호화융자약속삼자대기업성장속도적영향로경화작용력도。결과표명，영향기업성장속도적주요인소시법률보호화융자약속，량호적법률보호촉진료기업성장，교고적융자약속억제료기업성장，수연정부관제회통과융자약속대기업성장속도간접산생작용，단몰유발현정부관제대기업성장속도존재현저적직접영향。인차，요촉진아국기업우쾌우호지발전，최중요야시최수요해결적시：（1）가강법제배경건설，위기업발전타조량호적법률평태；（2）완선금융배경，위기업발전타조관송적융자평태。
Using the investment climate survey data in China from the World Bank, the paper tests the path and infinity of government regulation, legal protection and financial comtmints impacting on Krm growth rate by structural equation modeling. The results show that the main factors affecting finn growth rate are le- gal protection and fmancial constraints, good legal protection promoting firm growth and higher financing con- straints inhibiting business growth. Although government regulation effects firm growth rate indirectly through changing firm financial constraints, this paper do not find that government regulation has a significant direct impact on firm growth rate. The discovery enriches the content of the firm＇ s growth research, describes the paths and intensity of legal protection, government regulation and financing constraints affecting firm growth. The policy implications of this paper is that to promote rapid and sound development of China＇ s enterprises, the most important and urgent task are presently to strengthen the legal environment for enterprise develop- ment to create a sound legal platform and to improve the financial environment for enterprise development to create a relaxed financing plafform.